PHOENIX, April 16, 2024 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), a provider of technology connecting mobile gaming audiences to real-world brands and products, today announced financial results for the fourth quarter ("Q4") and full year ending December 31, 2023. Q4 2023 Financial Highlights Revenues of $1.6 million compared to $1.7 million in Q4 2022 Cash and cash equivalents totaled $0.4 million on December 31, 2023 Adjusted EBITDA, excluding certain non-cash expenses improved to ($1.2) million compared to ($1.7) million in Q4 2022 Recent Business Highlights Ramped active Connected Rewards campaigns more than 2x since Q3 2023 and launched 3 new product offerings with improved results Launched user acquisition campaigns in brand-owned apps for premier fuel and convenience brands, innovative and international restaurant brands, and delivered exceptional performance in driving engagement for brand partners and return on ad spend for mobile game partners Reduced overhead and shut down non-core products to refocus the business on connected rewards Kim Carlson, Mobivity COO, commented, "We are experiencing clear and positive operational proof points related to the transformation of our business. We exited 2023 with accelerating revenue from our Connected Rewards business and that momentum is continuing in the first quarter of 2024. The customers we are currently engaged with, like Marathon and other premier brands are realizing returns on these programs in excess of their expectations, which we are leveraging to fast-track additional near-term growth opportunities. We now have a pipeline of opportunities and partnerships that is healthier and more robust than it has ever been." Kim continued, "From a cost perspective, we have taken several steps to better align our cost structure with our strategic direction, including reducing SG&A, consolidating the number of cloud platforms we use, and shutting down certain lines of business that were underperforming and not aligned with the company's new direction. We anticipate the impact of these initiatives will be more apparent in our financial results in the coming quarters. Based on the progress we are making, we are increasingly optimistic about our prospects for 2024." Consolidated Financial Summaries (In thousands) Three months ended December 31 12 months ended December 31,     2023     2022   $$ %   2023     2022   $$ % Revenue $1,602   $1,747   $(145 ) -8 % $6,978   $7,534   ($556 ) -7 % Gross profit $71   $602   $(531 ) -88 % $1,848   $2,205   ($357 ) -16 % Gross margin   4.4 %   34.5 % N/A   -87 %   26.5 %   29.3 % N/A   -10 % Operating Expenses   3,306   $3,545   $(239 ) -7 % $12,854   $11,428   $611   12 % Loss from Operations $(3,235 ) ($2,943 ) $(292 ) -10 % ($11,006 ) ($9,222 ) ($868 ) -19